6.1 EDSR 04-15-2024 - Laserfiche WebLink

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v.2 (Java) EL185\76\937850.v4 3 5.1.3 Financing. The Buyer shall have obtained acceptable financing for the purchase of the Property upon terms and conditions acceptable to Buyer in Buyer’s sole determination. Notwithstanding the foregoing Buyer may elect to extend the Initial Contingency Period for one additional period of sixty (60) by delivering written notice (the “Extension Notice”) to the EDA on or before the last day of the Initial Contingency Period. The Initial Contingency Period and the Additional Period elected by Buyer hereunder are collectively referred to as the “Contingency Period” and the last day of the Contingency Period is referred to herein as the “Contingency Date”. Upon extension of the contingency period, $10,000 of the initial earnest money will become non- refundable. 5.2. EDA’s Contingencies. 5.2.1. Determination by the EDA after a holding a public hearing required by Minnesota Statutes Section 469.105, subdivision 2 that the sale and conveyance of the Property to the Buyer is in the best interests of the City of Elk River and its people, and that the transaction furthers the EDA’s general plan of economic development. If, on or before the Contingency Date, either party determines that any of their respective contingencies listed in this Section have not been satisfied in their sole discretion, then this Agreement may be terminated by written notice from the party to the other, which notice must give no later than the Contingency Date. If the party does not give written notice of termination on or before the Contingency Date, all of such contingencies will be deemed to have been satisfied and the parties shall proceed to close this transaction in accordance with the terms of this Agreement. All of the contingencies set forth in this Agreement are specifically stated and agreed to be for the sole and exclusive benefit of the respective party and each party shall have the right to unilaterally waive any of its contingencies by written notice to the other party. If this Agreement is terminated by either party in accordance with this Section, the Title Company shall disburse the Earnest Money to Buyer and neither party shall have any further rights or obligations regarding this Agreement or the Property. 6. CLOSING. The closing of the purchase and sale contemplated by this Agreement (the “Closing”) shall occur 30 days after the Contingency Date or such other date on which the parties may agree (the “Closing Date”). The EDA agrees to deliver possession of the Property to the Buyer on the Closing Date. 6.1. EDA’s Closing Documents. On the Closing Date, the EDA shall execute and deliver to the Buyer the following (collectively, “EDA’s Closing Documents”), all in form and content reasonably satisfactory to the EDA and the Buyer: 6.1.1. Deed. A quit claim deed (the “Deed”) conveying the Property to the Buyer. The Deed shall contain a covenant running with the Property that the construction of the footings and foundation for an approximately 5,800 square foot gas station/convenience store on the Property must commence within one Page 19 of 41